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Rockport moves forward with sale to Charlesbank

Rockport Group LLC said July 3 that it intends to complete its previously announced asset purchase agreement and sell to Charlesbank Capital Partners LLC. Rockport filed bankruptcy protection in May; Charlesbank was named the stalking horse bidder in the company’s Court-supervised sale process. Rockport said it engaged in discussions with a number of potential buyers but no other competing bids were received. Rockport said it would now move forward with its sale to Charlesbank.

PRESS RELEASE

Newton, Massachusetts – July 3, 2018 – The Rockport Group, LLC (the “Company” or “Rockport”), a leader in men’s and women’s footwear since 1971, today announced that, after completing a Court approved marketing process, it intends to complete the previously announced Asset Purchase Agreement (“the, Agreement”) with CB Marathon Opco, LLC, an affiliate of Charlesbank Capital Partners, LLC (“Charlesbank”), pending approval by the United States Bankruptcy Court for the District of Delaware.

The sale to Charlesbank will enable Rockport to ensure the continuation of its deep heritage and great brands and enhance its focus on its global wholesale, independent and e-commerce businesses. With the financial strength, consumer expertise and support of Charlesbank, Rockport will be better positioned in today’s evolving retail landscape. Following the sale to Charlesbank, post-closing Rockport will have significantly less debt than it did before the sale, which will strengthen its ability to meet the needs of customers and consumers and help further position the Company for growth and long-term success.

Throughout this process and following the sale to Charlesbank, Rockport customers can continue to shop Rockport’s exceptional quality brands and diverse assortment of footwear at leading department stores and specialty retailers around the world, as well as through the Company’s e-commerce platform.

On May 14, 2018, Charlesbank was named the stalking horse bidder in Rockport’s Court-supervised sale process under Section 363 of the Bankruptcy Code. Pursuant to the bid procedures approved by the Bankruptcy Court, qualified bidders were required to submit competing bids before 5:00 p.m. Eastern Time on Friday, June 29, 2018. Rockport engaged in discussions with a number of potential buyers and did not receive any competing bids in advance of this deadline. Accordingly, the auction previously scheduled for July 10, 2018 will not be held. Rockport will now move forward with its sale to Charlesbank following the Court’s approval.

As previously announced, under the Agreement, Charlesbank will acquire substantially all of Rockport’s assets, including the global wholesale, independent and e-commerce operations and all of its Asia and Europe operations and retail stores. As part of its ongoing Chapter 11 process, Rockport also began the orderly wind-down of its North American retail operations, which will be completed no later than July 31, 2018.

Additional Information

Additional information regarding Rockport’s sale process and restructuring is available at www.rockportrestructuring.com. Court filings and information about the claims process are available at https://cases.primeclerk.com/rockport, by calling Rockport’s claims agent, Prime Clerk, at 844-224-1137 (or 917-962-8896 for international calls) or sending an email to [email protected] Richards, Layton & Finger PA is serving as legal counsel to Rockport. Alvarez & Marsal is serving as restructuring advisor and Houlihan Lokey, Inc. is serving as investment banker and financial advisor.

About The Rockport Group

The Rockport Group is home to the Rockport, Aravon and Dunham brands and the popular Rockport Cobb Hill Collection. With its diverse assortment of men’s and women’s footwear, products from The Rockport Group can be found in various retail channels in more than 60 countries worldwide. Headquartered in the greater Boston area, The Rockport Group is committed to its history of innovation and a consumer-centric approach to style, fit and comfort. For more information, visit www.rockport.com.

About Charlesbank Capital Partners

Based in Boston and New York, Charlesbank Capital Partners is a middle-market private equity investment firm managing more than $5 billion of capital. Charlesbank focuses on management-led buyouts and growth capital financings and also engages in opportunistic credit investments. The firm seeks to partner with strong management teams to build companies with sustainable competitive advantage and excellent prospects for growth. For more information, please visit www.charlesbank.com.